JP Morgan boss Jamie Dimon to warn UK chancellor against bank tax hike
Summary
Jamie Dimon, CEO of JP Morgan, plans to warn UK Chancellor John Healey against raising taxes on banks in the upcoming budget. Dimon argues that higher taxes on banks could reduce investment and jobs in the UK’s financial sector.Key Facts
- JP Morgan CEO Jamie Dimon will meet Chancellor John Healey before the October budget.
- Dimon warns that higher taxes on banks might hurt jobs and investment in the UK.
- The UK banks already pay a 28% corporation tax plus a bank surcharge.
- Healey may consider a windfall tax on banks and oil companies in his budget.
- Dimon has a history of opposing extra bank taxes in the UK.
- JP Morgan plans to build a new London headquarters tower, but may cancel it if the business environment worsens.
- The UK’s biggest four banks made £200 billion in profits over the last five years.
- UK banks paid about £43.3 billion in taxes in the financial year ending March 2025.
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